Market Liquidity Thermometer

Track the key Federal Reserve plumbing metrics that drive market liquidity. Rising TGA balances and Reverse Repo volumes drain reserves from the banking system, tightening liquidity. SOFR, IORB, and EFFR reflect the actual cost of short-term dollar funding β€” together they paint a real-time picture of how tight or loose conditions are for risk assets.

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Reserves of Depository Institutions: Total (TOTRESNS)

Total reserve balances maintained by depository institutions at the Federal Reserve (USD billions)

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U.S. Treasury General Account (TGA)

Daily TGA balance held at the Federal Reserve (USD millions)

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Overnight Reverse Repo (RRPONTSYD)

Daily overnight reverse repurchase agreements with the Fed (USD billions)

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Secured Overnight Financing Rate (SOFR)

Overnight U.S. dollar funding rate based on Treasury repo transactions (%)

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Interest Rate on Reserve Balances (IORB)

The rate the Fed pays banks on excess reserve balances (%)

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Effective Federal Funds Rate (EFFR)

Volume-weighted median overnight rate at which banks lend reserves to each other (%)

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NY Primary Dealer: Financing (USD billions)

Amount Financed to Dealers (NYPD-PD_AFtD_TOT-A) vs. Amount Financed through Repos (NYPD-PD_AFtR_TOT-A)

NY Fed Reverse Repo & Repo Operations

Daily total amount accepted in NY Fed Reverse Repo (blue) and Repo (green) operations (USD billions)